Dana Petroleum develops blueprint for ‘independent’ national oil and gas company

Dana Petroleum is developing a blueprint for a new breed of ‘independent’ national oil and gas company.

That was the message from Dana’s Group Chief Executive Dr Marcus Richards speaking at the Offshore Europe Conference in Aberdeen today. Dr Richards told delegates that the shape of the oil and gas industry was changing – along with the balance of power.

“There is no doubt that the increasing prominence of NOCs, significant growth in the number of small and medium-sized independents, and the ever-broadening role of the service sector is changing the game,” he said.

Dr Richards added that more consolidation within the industry was likely, as independents join forces and NOCs continue to make acquisitions.

“Independent oil companies can ‘evolve’ into as many forms as there are companies. That is the very essence of the independent: exploring niches, seizing opportunities and creating innovative new solutions. KNOC’s acquisition of Dana… and the birth of the ‘independent’ national oil and gas company is one such innovative solution.”

Dana Petroleum plc, a wholly owned subsidiary of the Korea National Oil Corporation (KNOC), is an international oil and gas business with operations in the UK, Egypt, Norway, the Netherlands and Africa, producing 60,000 barrels of oil a day. Dana’s ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East and aims to grow production significantly by investing up to $5 billion over the next five years to increase the size of the company and create value for our shareholder.